NETS Buys Stake in Shanghai Stored Value Card Business

Wednesday 15 December 2004 20:04 CET | News

Network for Electronic Transfers Singapore Pte Ltd, (NETS) has entered mainland China, with the acquisition of a majority stake in stored value card business, Shanghai Commercial High and New Technology Development Company Ltd (SCT).

SCT has developed the systems and processes to produce stored value smart chip cards for leading Shanghai department stores, supermarkets and shopping centres. The SCT Commercial Cards will be issued to Shanghai consumers from February 2005 and NETS estimates an initial reach of approximately two million cardholders within the first year of operation. NETS CEO, Poh Mui Hoon, said the SCT acquisition was consistent with NETS business strategy to export its knowledge and grow across Asia. A team of four NETS management and technical staff will be seconded to the Shanghai office to help oversee the new operations. Shanghai Commercial Investment Industry (Group) Co. Ltd., Shanghai Postal and Telecommunication Development Co. and Shanghai Hekang Technology Industry Development Co. Ltd. are the other shareholders of the company.

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Categories: Payments & Commerce | Payments General
Countries: World
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